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In the contemporary times, it is not a tough task to get through the loan procedure. With new age lending players simplifying the age-old complex process and offering simpler products, one can get his or her credit score online within a few minutes.

The new age players also give one the option to choose from a wide range of credit options. Finer digital assistance, less collateral, and better product portfolio are the major factors to this growing inclination towards digital lenders.

Moreover, different lending models like marketplace, NBFC, and P2P have customized loan offerings; thereby enabling quicker disbursal procedures, which save time and serve the purpose of borrowers.

Here are four such platforms:

Loantap: Its consumer durable loans such as travel, wedding loan, credit line OD have been designed to cater to changing customer requirements. These products not only offer flexibility but also reduce the monthly repayment burden.

Creditmantri: It is a multi-services platform that helps borrowers secure loans from its partner financers. Moreover, the loan portfolio serves the small financial requirements of borrowers. One can choose from various products including home loan, gold loan, two wheeler loan etc.

Faircent: Each borrower registered with Faircent is evaluated based on his ability, stability, and intention to repay across more than 120 parameters. This procedure helps to gain the trust of lenders.

Moreover, a lender can choose a borrower based on his/her credit profile as well. Faircent enables borrowers to get the financial help in a hassle-free manner.

The platform assesses the creditworthiness of a prospective borrower using a proprietary algorithm developed in consultation with CRIF HighMark. Further, they monitor a loan until it is fully repaid. The platform also does appropriate follow-ups with the borrower, making it easier for lenders to lend on the platform.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)